How does the recent Dear CEO letter from the CBI to motor dealers impact my agreement with Close Brothers DAC.
Motor Dealers have been requested by the CBI to cease operating discretionary commission agreements from 31st July 2024
The Dear CEO Letter advises Firms to cease operating discretionary commission agreements (DCA's) from 31st July 2024. Close Brothers DAC is no longer originating Motor Finance Agreements through it’s Dealer Partners which means this is not applicable to them. The Firm’s sister company Close Brothers Finance DAC trading as Close Brothers Motor Finance has never applied the discretionary commission agreements model to any of its finance products.